Extending the Senior Managers and Certification Regime
The FCA and PRA want to conform their approach to governance and accountability in financial services by extending the Senior Managers Regime (SMR) and Certification Regime (CR) (together SM&CR) to all FCA regulated firms. The regulators are also seeking to align the existing Senior Insurance Managers Regime (SIMR) for insurers with these new proposals.
The FCA and PRA set out their proposals to extend the SM&CR in three consultation papers on 26 July 2017. They propose a proportionate, three-tiered approach for firms due to be brought into the regime. Read our Hot Topic below for more detail on how the proposals will impact firms.
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